Lithium Americas (NYSE:LAC) Stock Price Down 4.2% – Here’s What Happened

Lithium Americas Corp. (NYSE:LAC) shares were down 4.2% during trading on Wednesday . The stock traded as low as $3.13 and last traded at $3.19. Approximately 3,403,245 shares traded hands during trading, a decline of 27% from the average daily volume of 4,669,578 shares. The stock had previously closed at $3.33.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on LAC. Scotiabank lowered their price target on shares of Lithium Americas from $3.00 to $2.50 and set a “sector perform” rating for the company in a report on Friday, October 18th. B. Riley lowered their target price on Lithium Americas from $4.50 to $4.00 and set a “buy” rating for the company in a research note on Friday, August 16th. Piper Sandler assumed coverage on Lithium Americas in a research note on Monday, July 29th. They set a “neutral” rating and a $3.90 price target on the stock. National Bank Financial upgraded Lithium Americas from a “sector perform” rating to an “outperform” rating in a research report on Thursday, October 17th. Finally, Deutsche Bank Aktiengesellschaft cut their target price on shares of Lithium Americas from $3.00 to $2.50 and set a “hold” rating on the stock in a research report on Friday, August 16th. Five equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $5.50.

Lithium Americas Trading Down 5.4 %

The stock has a fifty day simple moving average of $2.59 and a 200-day simple moving average of $3.27.

Lithium Americas (NYSE:LAC) last released its quarterly earnings data on Tuesday, August 13th. The company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.02). On average, sell-side analysts expect that Lithium Americas Corp. will post -0.09 EPS for the current year.

Hedge Funds Weigh In On Lithium Americas

Institutional investors and hedge funds have recently made changes to their positions in the company. Banque Cantonale Vaudoise bought a new position in Lithium Americas during the first quarter worth about $25,000. Mather Group LLC. bought a new stake in Lithium Americas in the 1st quarter valued at $26,000. Northwestern Mutual Wealth Management Co. boosted its stake in Lithium Americas by 12.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 41,943 shares of the company’s stock worth $112,000 after purchasing an additional 4,504 shares during the period. Cowen AND Company LLC increased its holdings in Lithium Americas by 50.0% during the 2nd quarter. Cowen AND Company LLC now owns 15,000 shares of the company’s stock worth $40,000 after purchasing an additional 5,000 shares in the last quarter. Finally, Quent Capital LLC raised its stake in shares of Lithium Americas by 100.0% in the 3rd quarter. Quent Capital LLC now owns 10,000 shares of the company’s stock valued at $27,000 after purchasing an additional 5,000 shares during the period.

About Lithium Americas

Lithium Americas Corp. engages in the exploration and development of lithium properties in the United States and Canada. It holds a 100% interest in the Thacker Pass project located in northern Nevada, as well as investments in exploration properties in the United States and Canada. Lithium Americas Corp.